REG - FRP Advisory Grp PLC - Trading Statement

Frp AdvisoryAnnouncement

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RNS Number : 4452I  FRP Advisory Group PLC  21 November 2025

FRP Advisory Group plc
("FRP" or the "Group")

Half Year Trading Update

FRP Advisory Group plc, a leading national specialist business advisory
firm, announces a trading update for the half year ended 31 October 2025 ("H1
2026").

Trading update

The Group's performance in the first half of the year was positive, with
expected revenue for H1 2026 of £87m, up 12% on the prior year (H1 2025:
£77.6m) and expected underlying adjusted EBITDA of £23m, up 3% on H1
2025: £22.3m. This represents a solid performance against a very strong
comparative period ("H1 2025") which included significant contributions from
The Body Shop case and a large Corporate Finance project.

The Group successfully expanded its national Financial Advisory offering in
May 2025 through the acquisition of One Advisory Group, a provider of
financial reporting, transaction advisory including pre-IPO financial
services, and governance services to more than 100 UK and International
clients. The Group opened a new office in Liverpool focused initially on
Corporate Finance, in August. Earlier this month, just into the second
financial half year, FRP announced the acquisition of real estate advisory
business, Arc & Co and as a result the Group intends to launch a 6(th)
service pillar, FRP Real Estate Advisory.

To ensure capacity and expertise continues to align with demand, the Group
expanded its headcount during the half and year-on-year, primarily driven by
acquisitions. The total number of colleagues rose 8% to 861 excluding
consultants, an increase of 11% year-on-year.

Balance sheet

The Group's balance sheet remains strong with an unaudited net cash balance as
at 31 October 2025 of £16.5m* (31 October 2024: £13.3m). The Group also has
an undrawn RCF of £10m and an accordion acquisition facility.

During H1 2026, FRP made a £3m founding investment for a 25% stake in Queens
Tower Advisory ("QTA"), an independent platform established for experienced
transaction services partners. QTA provides technology-enabled strategy and
transactions advice to private market clients. During the half, FRP's share of
QTA's loss was £0.2m, and it is performing in line with expectations
regarding recruitment, operational set-up and winning mandates.

*£22.3m gross cash less £5.8m of structured debt (31 October 2024: £22.2m
less £8.9m).

Outlook

While all businesses are adapting to fund higher operating costs, pressures
are particularly acute in consumer facing businesses.  The Group anticipates
that demand for its services will continue to rise in H2 2026 and beyond -
particularly if affected businesses in sectors such as retail and hospitality
have a weaker-than-required 'golden quarter', which includes the festive
trading period.

The upcoming 2025 Autumn Budget and related speculation is expected to have a
significant impact on both business confidence and growth. The Group is
confident that it is well-positioned to continue making progress across all
service pillars, irrespective of what measures are announced.

The client pipeline remains encouraging, and assuming current activity levels
continue, the Board remains confident of achieving full year expectations.**

**The Group believes consensus market expectations for FY 2026 to be revenue
of £164.2m and underlying adjusted EBITDA of £44.8m.

Geoff Rowley, Chief Executive Officer of FRP Advisory Group plc, said:

"2025 marked FRP's 15(th) year of trading and we have started FY 2026
strongly.

Our increases in revenue and profitability reflect the success of the
investments made in our people, services and geographic footprint, which have
continued to broaden our capabilities and strengthen our ability to support
clients at every stage of their business cycle.

This positioning means we're confident of delivering continued profitable
growth, regardless of how the fiscal, policy and trading environment develops
in the weeks and months ahead."

Notice of results

The Group expects to report its unaudited results for the half year ended 31
October 2025 on 18 December 2025.

 

Enquiries:

FRP Advisory Group plc
Geoff Rowley, CEO

Jeremy French, COO

Gavin Jones, CFO

Enquiries via Citypress

Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)

Katy Birkin/Stephen Keys/George Lawson (Corporate Finance)

Tel: +44 (0) 207 220 0500

Berenberg (Joint Broker)

Toby Flaux / James Thompson / Smruthya Ganeshram

Tel: +44 (0) 203 207 7800

Citypress (Financial Public Relations)
Martin Currie / Calum Anderson

Tel: +44 (0)7976291532 / +44(0)7464444660
FRPreporting@citypress.co.uk (mailto:FRPreporting@citypress.co.uk)

Notes to Editors

FRP is a leading national specialist business advisory firm established in
2010. It offers a range of advisory services to companies, lenders, investors
and other stakeholders, as well as individuals. These services include:

·      Restructuring advisory: corporate financial advisory, formal
insolvency appointments, informal restructuring advisory, personal insolvency
and general advice to all stakeholders.

·      Corporate finance: mergers & acquisitions (M&A),
strategic advisory and valuations, financial due diligence, capital raising,
special situations M&A and partial exits.

·      Debt advisory: raising and refinancing debt, debt amendments and
extensions, restructuring debt, asset based lending and corporate and
leveraged debt advisory.

·      Forensic services: forensic investigations, compliance and risk
advisory, dispute services and forensic technology.

·      Financial advisory: transaction services including pre-IPO
financial services, financial due diligence, lender services, financial
modelling, valuations, pensions and company-side advisory services and
corporate governance advisory.

 

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